Libya’s oil caught in the middle
Instability continues to derail oil authorities’ attempts to persuade IOCs to return
Libya’s much-heralded oil exploration venture involving BP and Italy’s Eni has been delayed, the latest casualty of a worsening civil war and erratic behaviour by the country’s rival governments. The venture was announced in October last year and was predicted to kick-start exploration which had halted earlier this decade; but 12 months on, the two companies have shelved plans to deploy rigs. Libya’s National Oil Corporation (NOC) is also facing trouble from both the country’s warring governments, with its chairman Mustafa Sanallah warning that the company faces possible break-up. When the BP-Eni deal was announced, it was heralded as a return to exploration for international oil companies (
Also in this section
21 March 2025
Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum
20 March 2025
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
20 March 2025
Tariffs, sanctions and trade conflicts are upending the oil market, impacting crude differentials and shipping rates and creating uncertainty
20 March 2025
While advanced economies debate peak fossil fuel demand, billions of people still lack access to reliable and affordable energy, especially in the Global South
